No one likes to find they have been completely ripped off

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INVESTORS do not like to wake up and realise that they have been completely ripped off. The clever chaps at Morgan Stanley have realised this, so in concocting their offer for Canary Wharf they have tried to come up with something that allows shareholders to take comfort in the fact that they do not have to sell their stakes completely, only to watch the purchaser make a rapid profit. They can, should they so choose, hang on to some equity in the business.

The principle is a good one. Too many companies have been sold, either to the management or